Grupa Lotus still look to Shell and Kellog for development project

Grupa Lotos, the former Gdansk Refinery, hopes that it will still manage to obtain foreign investors, Shell and Kellog this fall, in order to carry out its development project, the main part of which is the installation of IGCC, an investment worth around $540 million. "We have to close negotiations in September or October if we want to commence work on the project next year," said Pawel Olechnowicz, president of Grupa Lotos. The installation of IGCC will allow the refinery to better process raw materials and eliminate the problem of products and wastes with high sulphur contents. Grupa Lotos formed Lotos Energia to execute the project and sign contracts with investors. It has not been revealed what engagement was expected from the foreign companies. "We are looking for technological surveillance over the project. The investors' share in the company does not have to be a majority," said Olechnowicz. (Rzeczpospolita, p. B3) A.K.